As of January 2022, Cox Corp. anticipates purchasing 100,000 pounds of copper in April 2022. On January 1, 2022, Cox enters into a copper futures contract. Terms of the contract were as follows:

• Contract size: 100,000 pounds of copper
• Delivery price: $2.70 per pound
• Expiration: April 1, 2022

Spot prices for copper (per pound) over the contract period were the following:

Date	Spot price
January 1, 2022	$2.70
March 31, 2022	$3.00

On April 1, 2022, Cox Corp. purchased the needed 100,000 pounds of copper at the market price of $3.00 per pound. Cox also settled the futures contract on this date.

On May 15, 2022, Cox Corp. sold the finished products.

Required: 1. Prepare the appropriate journal entry or entries related to transactions occurring in January 2022 through March 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Indicate any amounts that Cox Corp. would have included in its March 2022 quarterly balance sheet related to the futures contract. 3. Prepare the appropriate journal entry or entries related to transactions occurring in April 2022 through May 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1. March 31, 2022: Prepare any journal entry needed for the change in value of the futures contract.

Indicate any amounts that Cox Corp. would have included in its March 2022 quarterly balance sheet related to the futures contract.

Balance Sheet (partial)
Current assets:
Futures contract
Equity:
Accumulated OCI

Prepare the appropriate journal entry or entries related to transactions occurring in April 2022 through May 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1. April 1, 2022: Record settlement of the futures contract (assume cash settlement).

2. April 1, 2022: Record the purchase of copper inventory.

3. May 15, 2022: Record the cost of inventory sold.

4. May 15, 2022: Record any reclassification entry needed in relation to the futures contract.